Russia’s War in Ukraine Reveals a Risk for the EV Future: Price Shocks in Precious Metals – by Marianne Lavelle (Inside Climate News – March 28, 2022)


After the nickel market goes haywire, the United States and its allies launch a critical minerals energy security plan, with stockpiling an option.

A silver sedan rolled off of the General Motors assembly line in Spring Hill, Tennessee, last Monday that represented the $35 billion bet the company is making on the future inside the chassis of its most storied brand.

It was GM’s first all-electric Cadillac Lyriq, launched nine months earlier than scheduled and signaling that the automaker is charging full-speed-ahead on its transition to electric vehicles, despite tumultuous times.

Russia’s war on Ukraine has roiled global commodities markets—including those for nickel and other metals used in EV batteries—and laid bare how vulnerable the world is to price shocks in the metals essential to the EV future. That volatility comes on top of the pandemic-triggered supply chain woes that have dogged the auto industry for months.

President Joe Biden’s pledge to catalyze the electric vehicle transition has been only partly fulfilled, with consumer EV tax credits, much of the money for charging stations and other assistance stalled with the rest of his Build Back Better package in Congress.

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